BharatPe has raised $370 million funds in Series E equity round, led by Tiger Global and participation from new investors Dragoneer Investment Group and Steadfast Capital.
“Five out of the seven existing institutional investors participated in the round — namely Coatue Management, Insight Partners, Sequoia Growth, Ribbit Capital and Amplo,” it said in a statement on Wednesday.
The primary component of the round is $350 million, with secondary component of $20 million. All employees holding vested ESOPs have been given full liquidity in the secondary.
The post money valuation is at $2.85 billion.
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“BharatPe is now amongst the Top 5 most valued Fintech start-ups in India and has one of the strongest cap tables for any start-up in India,” it further said.
New roles
Ashneer Grover, Co-Founder and CEO, BharatPe, will be elevated to Co-Founder and Managing Director and will lead strategy, product, technology, capital (IPO, equity and debt) and drive the overall people agenda for the company.
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Suhail Sameer, Group President, BharatPe, has been appointed as the CEO.
“We now have $0.5B cash on books and are extremely well capitalised to deliver on our mandate to build India’s first truly Digital Bank,” Grover said on the fund raise.